About the interview
Without law and legal institutions, financial markets won't work. That's what economists discovered about 15 years ago, when former socialist countries turned towards capitalism. But economists still conceive of law too narrowly, mainly as a means to reduce transaction costs and protect investors. Katharina Pistor convenes scholars from across disciplines -- law, economics, and sociology -- to re-theorize the relationship between law and finance, from the ground up. The rational autonomous actor meets the socially embedded actor -- this is new economic thinking.
About Katharina Pistor
Katharina Pistor is Michael I. Sovern Professor of Law at Columbia Law School and Director of the Center on Global Legal Transformation. Her research focuses on the development of legal institutions in the context of social and economic transformation. Full profile
Comments
economics should be fully embedded in law if it is to produce policies that will lead to growth that is also just. Free markets will function well only with in the frame work of the rule of law. Any freedom will become viable only if it accepts certain wise restrants, that is laws. an economics that relies solely on the animal spirits of entrepreneurship will result policies that favour the leisure class who have earned their illgotten wealth in speculation. Rent seeking is an old phenomenon in society. But the time has come to stop it once and for all so that the real worker is rewarded adequately. Thus if economics and rule of law hand in hand we will have a growing and fair economy
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